Aviceda Therapeutics, a private, clinical-stage biotech company focused on developing next-generation immunomodulators with a proprietary High Affinity Ligands of Siglecs (HALOS) nanotechnology platform to alleviate chronic, non-resolving inflammation, announced the closing of a $207.5 million Series C funding.
The proceeds will support the ongoing Phase 2b/3 and planned pivotal Phase 3 clinical trial for AVD-104 in geographic atrophy (GA), a vision-threatening condition secondary to advanced age-related macular degeneration, and the expansion into other ophthalmic indications.
The Series C funding round was co-led by renowned healthcare funds, Omega Funds and TCGX, with participation from leading investment firms Enavate Sciences, Jeito Capital, Blue Owl Healthcare Opportunities, Longitude Capital, OrbiMed, Logos Capital, Marshall Wace, Catalio Capital Management, funds managed by abrdn Inc., and Digitalis Ventures.
AVD-104’s dual mechanism of action targets immune modulation and complement inhibition. And by repolarizing overactivated macrophages to their healing stage and stabilizing complement factor H, AVD-104 showed positive proof-of-concept efficacy in slowing GA lesion growth and preserving/enhancing visual function in a Phase 2a trial completed in early 2024, which emphasizes its potential for first-in-class efficacy and safety. Aviceda’s ongoing Phase 2b/3 trial evaluating two doses of AVD-104 versus avacincaptad pegol (Izervay) in patients with GA is fully enrolled, with 12-month primary endpoint data anticipated in the second half of this year.
In connection with the Series C funding, Bernard Davitian of Omega Funds and Chen Yu, M.D., M.B.A., of TCGX have joined Aviceda’s Board of Directors. Evelyn Harrison, M.B.A., former Chief Operating Officer of Iveric Bio (part of Astellas Pharma Inc.) has also joined as an independent director, bringing valuable expertise in advancing novel therapies through late-stage clinical development and commercialization. In addition, Sara Nayeem, M.D. of Enavate Sciences and Rafaèle Tordjman, M.D. Ph.D. of Jeito Capital are appointed Board Observers.
Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo is acting as legal counsel to Aviceda, with Cooley representing Omega Funds and Foley & Lardner advising TCGX. And Leerink Partners served as financial advisor to Aviceda.
KEY QUOTES:
“We are proud to support Aviceda and its team of retinal specialists, whose blend of ophthalmic expertise and operational excellence drives Aviceda’s advancement of AVD-104 toward critical milestones.”
– Bernard Davitian, Partner at Omega Funds
“Aviceda’s focus on data quality and execution is evident in the progress of the AVD-104 program, and we believe the company is poised for significant impact in the geographic atrophy field with strong potential upside as it advances into a pivotal study.”
– Chen Yu, M.D., M.B.A., Founder and Managing Partner at TCGX
“We are pleased to welcome our new board members and a syndicate of top institutional investors. This raise reflects the strong conviction from investors in Aviceda’s lead program AVD-104 for geographic atrophy—a market poised for disruption and an improved standard of care, given current treatments offer limited benefits in visual improvements, lesion control, and safety. With this upsized financing, the company is well-capitalized to advance a pivotal program for AVD-104 in GA.”
– David Guyer, M.D., Board Chair of Aviceda
